Solana’s popularity is surging, leading to record-breaking activity on its network. Let’s dive into the details.
Record-High Transfer Volume
Data from Glassnode shows Solana’s transfer volume hit a new all-time high of roughly $318 billion on November 16th! The number of active addresses also jumped to over 22 million. This massive increase points to growing user interest and adoption. Solana’s fast and cheap transactions are a big draw, along with the increasing number of decentralized apps (dApps) built on the platform.
A Closer Look at the Numbers
While the overall transfer volume soared, the average transaction size actually decreased. Glassnode suggests this could be due to bot activity. Despite this, the sheer volume indicates significant network usage.
Decentralized Exchange (DEX) Volume Also Soars
Solana’s DEX volume also exploded, reaching a whopping $41.2 billion last week – a new all-time high! This represents over 100% growth compared to previous highs. This further underscores the growing popularity of decentralized finance (DeFi) on the Solana network.
SOL Price Prediction: Could We See $400?
The increased activity seems to have boosted investor confidence in SOL, Solana’s native cryptocurrency. After a brief dip to $230, SOL rebounded to around $242. Some analysts, like Titan of Crypto, are predicting a potential surge to $400 based on technical chart analysis (a “Cup and Handle” formation). This prediction hinges on SOL breaking through a key resistance level.
